Disclaimer: I know digital is the future, and I will get there one day, but for now - I'm working on organizing PAPER more efficiently. I do not currently know how to create a spreadsheet, or "proper" books. (I am capable of learning, but there are only 24 hrs in a day, so first things first) I believe in doing SOMETHING (my best) where you are now - with the ability you currently possess, while learning to do better. Don't want to wait to improve until AFTER I learn more skills - that's really just procrastination. (which I am very skilled at! : ( - It's time for change.)

So I'm curious how you other paper jockeys do it. I have too many pile files, loose pieces(receipts) in hanging folders (hard to find one piece you need - have to sort through them all). I have a big envelope for each tenant now that holds everything from application to rental agreement & notices. Again - need to sort through everything to find one thing.

Here's one idea I'm considering:

>Bound notebook for each tenant (maybe 2 tenants?) - make entries in chronological order of everything from the date of application, when they moved in, when rent is paid - or not, repair request, repair response/date, when/what communication was made - what was said, etc. Like a table format, maybe?

and

>Binder with document protector sleeves - for each property (each unit? Maybe a tab for each unit/room?). That would contain the purchase documents, rental documents, hard printed copies of all: applications(POI, Credit/criminal reports, ID), notices, texts/emails, repair receipts, etc.

> I have my check register, bank statements, credit card statements - to match up receipts & track $. I think I'm good for now - keep receipts until I get cc /bank statements, and make sure they match, making notes on receipts & statements as to which property/tenant that expense/income was for. Then file the receipts away. Keep running totals each month until tax time.

OK, I'm braced - give it to me : )

And thanks!

One piece of office equipment I like-- do a search for "pressboard classification fastener file folders". Think of something like a regular file folder, except it has two extra pages attached in the middle, and brads on all six internal surfaces. So, with the aid of a two-hole punch, I'm able to keep six sets of information organized within each folder, and each folder represents one address.

A friend gave me a Brother label maker. So I'm able to print out the address of each house neatly on my folder. Each biz is color coded-- LLC A's houses are in yellow folders, LLC B's houses are in red folders, LLC C's houses are in green folders, miscellaneous stuff that applies to the biz in general are in blue folders, etc.

Snap shot: large file to left of my desk that has hanging folders (double hung) for each property in alpha order. To the right file of lease renewals that have gone out and ones that need to be re filed from last month who have returned theirs.

Left side of big file is those in legal work-- dispos and any foreclosures. Behind my desk is large bookcase that has binder of all property insurance policies another binder with maint. Records for each property. Has HVAC info, stove, dishwasher, water heater part numbers and serial numbers. Also sample of current roof type and color. We have separate file for monthly drive by record of maint needs.

Right of office entry is large book case with Quicken reference material legal books for LL/Tenant law.

In storage closet we keep all the deeds in fire safe and have large gun safe for well guns. Same closet has master keys for each house.

My wife does the books and she has the master copy of quicken and quick books--- that computer has never and will never be hooked up to the Internet. (IT HAS NEVER HAD A VIRUS)

Current paper sysytem is simular to yours. Each property has a three sides accordian expanding folder that host all current tenant information in.

That is working for me.

I’m leaning towards organizing it all based upon taxes. Expensed items are recorded on a 13 column paper spreadsheet, in the categories on Schedule E, including about six or seven miscellaneous categories. Those receipts are kept in chronological order in a folder. Depreciable items are recorded also on a13 column paper spreadsheet, those receipts are kept in chronological order in the same folder. At tax time, everything is transferred to a file folder, which goes in a plastic carry bin, clearly labeled for the year. A folder for each property, plus a SHARED folder, which is actually where all receipts start out. Periodically empty receipts from the small plastic accordion file that stays in my work vehicle for collecting receipts into shared folder, to get them safeguarded. Then occasionally sort those into folders by house or stay as shared. Btw, I don’t put receipts in the accordion file in the work truck in the summer. Most receipts are on thermal paper and a hot car can destroy them.

The file folders could go right into a plastic carry bin, but, for now, it’s easier to have them on a bookshelf where they are quicker to grab, slip receipts in there. So, that would be like your hanging file folder . I can see the value of the old spindle on the desk where receipts are speared until properly recorded and filed. That spindle keeps them from vamoosing!

Wish I would have waited to post. I am clearly struggling with office organization.

I did all that and then slowly stopped and made piles which I batch process in June and January. Transaction processing got too time consuming. That means entering each bill, payment etc. I do enter the rents into a hardcover rent book because I would need to show it to a judge if necessary. I think the online aps are great but try to carry a computer to show to a judge, nope. My old school rent book is very portable and I did use it successfully one time. All the entries were there except the ones that the problem tenant did not pay. Judge saw it and I won.

Busy thanks. my printer is to the right of my desk and has one of those shelving systems -- for my company's envelopes and several company letterhead sheets.

One important set of papers-- used daily between my computer tower and printer. 3 sets of papers. First is database of contractors and anyone we've done business with it's about 8 pages long with company-contact at company- phone-email - text and type of business name of person who answers phone at company. We print that off 6 copies. One in brief bag, one each in 3 trucks one at office and one to maint man.

Next is sheet of tenants-- legal size-- in alpha order by street name. has tenant name from lease, next is when term of lease is-begin and end- rent amount- phone numbers- last column misc notes.

Spend 24 hours (or more) and learn the digital way to do it; otherwise, you're just going to have to do it all over again. The longer you stay on a paper system, the more paper you will generate, and the longer it will take to convert later.

Bite the bullet.

Rip off the band-aid.

Scansnap to Windows folders. Sync with OneDrive, DropBox, two external backup drives.

Windows folder for each property, and underneath folders for each unit, plus folders for things like purchase docs, etc. Whatever is needed.

I write like a three-year old these days as I type everything and have lost all writing skills, so no notebooks for me...

DJ,

I suggest you hire a helper for a few hours a week and it will be done nicely. It's worth a few bucks a week to have this done and KNOW your numbers.

Or if ready to learn a bit:

$100 used laptop, NOT connected to the internet so no bugs

$49 printer

Order checks from WalMart Business Checks online. $49 for 500 business sized checks to run thru your printer.

Window envelopes to match the checks $15.

Quicken program from ebay. $5-10.

.

I use Quicken 98 because it is SIMPLE! Q98 and later versions can memorize the names and IRS category for each vendor, util co, contractor, etc. Just recall their name, type the amount, type the address, print, drop in an envelope, DONE.

Once you type the check you NEVER have to touch that again. No columns to add or balance.

At ANY moment and esp at year end you can see a report by house with just a few clicks. it print and hand this to your tax preparer. Your tax prep costs will go DOWN!

Bank statement: takes about 5-10 minutes to balance our checking account on the computer.

Discipline this: EVERY bill is paid on the computer. NEVER a handwritten check. Yes you can do it! All bills are paid at that desk. Less searching, less stress.

This discipline also stops errors.

Mail is opened at this desk, bills dropped into a tray.

When paid the bill goes face down in another tray labled PAID.

At the end of the month the PAID tray goes into a hanging folder labeled for the month.

At year end those 12 monthly folder go into a box and placed in "cold storage" (the basement).

If you need to find an old bill, look on the computer for when it was paid, and go to that folder. 2 minutes and it's in your hand. SELDOM do we have to find an old bill.

I found that scanning bills ADDED time and steps to the process.

Hanging "box" folder for each house or apt. In that is a regular file folder for impt papers like deed, ins, etc. Another folder for work orders. The application, screening notes, lease etc EVERYTHING for that resident is in a school pocket folder dropped into the hanging folder. EVERYTHING for that house is in the ONE hanging folder, all in one spot.

Each res has a ledger page in a 3 ring binder. When they pay it is marked by hand on their page. Notes about phone calls etc are written on their page. EVERYTHING in one spot.

Embrace change when it leads to more FREEDOM!!!

BRAD

Great question DJ, I am like you in trying to learn digital things and paperwork. I also agree about so many hours in a day. That being said, Sid has a good point.

I currently use binders for utilities, bank statements and things of that nature. I have hanging file folders for property, tenant information, hard copy of rental papers(which keeps growing)and so forth. I have a tax year file folder that I put envelopes in to separate receipts for rental house, home office, work expenses like boots, clothing, ect...

Tony and Deanna, thank you for the product and equipment suggestion.

myob, thanks for the detail on a good way to set up book keeping.

For those using quicken for your rentals. We have found when many items are purchased for Different properties using splits is the way to go. So if you have 6 items your purchased for 6 property's -- you only have 1 receipt-- using splits you place the receipt into the quarterly "splits" folder and when you enter in quicken enter it as splits to the 6 different properties. makes life so much easier.

1 item receipts for one rental -- beginning of each year we have a large binder and every home has its own 5x7 folder in the binder-- alphabetic-- when entered in quicken its receipt item is placed into the folder. Year end the folders are sealed and put in the tax file box. The whole folder is placed into the box and when new year starts new folders are made up.

I use a hybrid of paper and computer.

A hanging file for each property contains:

--a folder marked "Property Records." This contains the closing documents at time of purchase, deed, etc.

--a folder with the current tenant's application, lease, and any addendum.

--a folder with denied applications. Just in case someone comes back and cries "discrimination." I'll purge these once I've filled up my file cabinets.

Another large hanging file contains the insurance policies, since they are for multiple properties.

A third hanging file contains two folders: one marked "Rental Expenses--to be entered". It's red. The other is marked "Rental Expenses--entered." It's green. When a receipt is generated, we write the property name across the top of the receipt and throw it in the red folder. When I've accumulated a decent stack of receipts, they get entered into my Quicken file under the corresponding property name. Then they go into the green file. At the end of the year, I cram all the receipts into as many manila envelopes as I need, write "201X Expenses" on it, and throw it in a banker's box to be stored somewhere cool. Once a property is rehabbed, there aren't a lot of receipts to enter.

Specific property info such as paint colors, furnace model, water account #, etc. I keep in Evernote so I can pull it up on my phone when needed. You could do this in a three-ring binder instead, with a page (or section) for each property.

Boy, you all are a GOLDMINE of information and ideas. Thanks so much for posting.

I have somewhat of a hybrid paper and electronic system, it sounds similar to Brad's above except my software in a internet based product so I don't have to worry about the computer crashing and loosing it all.

One hanging folder for each house that has basic purchase documents. I don't keep manuals and the like because you can download those.

One hanging folder for each current tenant. It has their lease, credit report, any notices posted, and their app.

One bankers ledger book (old school with the removable cover so you can add/remove pages). Each tenant has a page. Record rent paid, and notes on calls, postings, etc. As time allows I post this to property management software. When they move out the page goes in the back of the book.

One hanging folder for unposted receipts. Once I post them in the property management software they go into an envelope that contains that years tax records.

One hanging folder for non-accepted applicants, flush this after 2 years to meet the credit reporting requirements.

At tax time, I print off a years worth of bank statements that include canceled checks and that goes into the yearly tax envelope with the receipts. I don't get paper statements anymore and all bills are paid using the banks on-line bill pay feature.

My total operation fits into two hanging file drawers, the online property management software, and about 4-5 long-term storage boxes that get pitched once the newest contents reach 8 years old.